Maiden Holdings 6.625% Senior Notes due 2046
Senior notes issued by a fronting platform with legacy reinsurance run-off.
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Profile
Operates a U.S. insurance fronting platform that earns fees for carrier access, compliance and placement support, alongside a legacy reinsurance run-off. The security is unsecured senior debt issued by Maiden Holdings and guaranteed by Kestrel Group.
Provides fronting and related support to insurance program managers, managing general agents, reinsurers and brokers through its Program Services segment. Fees are tied to premium produced and cover access to licensed AmTrust carriers, compliance and regulatory reporting, administrative support, and placement of bound coverage across U.S. jurisdictions.
Manages the AmTrust Reinsurance and Diversified Reinsurance portfolios in a Legacy Reinsurance run-off segment. Remaining revenue reflects earned premium, investment returns, and changes in loss reserves and ceded recoverables rather than broad new underwriting.
Depends on exclusive management contracts with four AmTrust-owned carriers, the performance of reinsurers, and insurance regulation and capital limits affecting cash movement and debt-service capacity.
Company facts
Key statistics
Year to date −18.2% · Average volume (30d) 2.6K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Sep 30, 2023Q2 FY23 | — | −$0.04 | — | — | $21.8M | — | +0.32% |
| Mar 31, 2023Q4 FY22 | — | −$0.11 | — | — | $19.5M | — | −1.25% |
| Dec 31, 2022Q3 FY22 | — | $0.25 | — | — | $9.7M | — | +0.69% |
Financial highlights
| 12 quarters | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | |
|---|---|---|---|---|---|---|---|
| Revenue | $25.2M | $28.9M | $20.5M | $14.5M | −$7.4M | $14.0M | |
| Gross profit | $25.2M | $28.9M | $20.5M | $14.5M | −$7.4M | $14.0M | |
| Operating income | $18.1M | $3.6M | $12.6M | $4.5M | −$16.8M | $3.3M | |
| Net income | −$20.8M | $1.4M | −$10.0M | −$34.5M | −$158.0M | −$8.6M | |
| Diluted EPS | −$0.21 | $0.01 | −$0.10 | −$0.35 | $0.43 | −$0.09 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | — | 100.0% | |
| Operating margin | 72.0% | 12.5% | 61.5% | 30.8% | — | 23.3% |
Fiscal years (4-quarter sums)FY20 $184.1M · FY21 $98.7M · FY22 $58.1M · FY23 $89.2M · FY24 $56.4M
Balance sheet, Mar 31, 2025Cash & short-term investments $44.3M · Total debt $254.8M · Total assets $1.23B · Shareholders' equity $37.6M
Dividends
Raised for 8 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 28, 2026 | Aug 30 | Sep 14 | $0.4141 | |
| May 29, 2026 | May 30 | Jun 15 | $0.4141 | |
| Feb 27, 2026 | Feb 28 | Mar 16 | $0.4141 | |
| Nov 28, 2025 | Nov 30 | Dec 14 | $0.4141 | |
| Aug 29, 2025 | Aug 30 | Sep 15 | $0.4141 | |
| May 30, 2025 | May 30 | Jun 16 | $0.4141 | |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.4141 | |
| Nov 30, 2024 | Nov 30 | Dec 16 | $0.4141 |
Ownership
Shares outstanding 86.62M · Float —
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.93M | 5.90% of class | 13D/G | Nov 8, 2024 |
| FNY Investment Advisers, LLC | 36.7K | 0.04% | 13F | Apr 15, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Palomar
PLMR-FRONT supplies admitted and non-admitted paper for insurance programs.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Maiden Holdings 6.625% Senior Notes due 2046 | $10.64 | 0.00% | $921.6M | — | — | 16.3 | — |
| Palomar | $131.63 | −0.11% | $3.49B | 17.7 | 12.3 | 3.2 | +210.1% |
| Median | 17.7 | 12.3 | 3.2 | +210.1% |